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For a significant portion of users, the lolcats password is equivalent to the gmail password, which is game over. But don't let that get in the way of your learning experience, which is simply going to converge on bcrypt anyways.

I know. Don't make anything cool, because someone might misuse it.

I'm curious to know why you think innovation in the security domain will come from web developers working on lolcat apps and not, say, cryptographers.

I'm curious to know why you think cryptographers don't write lolcat apps.

Name one who does.

Unlike most areas of software design, security is adversarial. If you innovate, you are betting your users' privacy on you personally being able to stay ahead of every attackers' ability to find flaws. This becomes unethical if you aren't even familiar with the current state of the art, because some attackers surely are.